It’s a Monday – so Garfield might not be happy. But investors in a range of top running cryptocurrencies have a lot to be happy about today, including big spikes in the values of both Bitcoin and Ethereum.
Traders have been watching Bitcoin slide down for weeks – but now today, as Asian stock markets rally, cryptocurrencies are moving up, and notably, Bitcoin has seen almost 3% growth on the day with highs around $3800.
That’s really good news for all of those many investors who are banking on things like Bitcoin ATMs, Bitcoin ETFs, and other consumer-facing technologies built on this household name cryptocoin.
But Ethereum aficionados have an even bigger reason to rejoice this Monday – within just a single market cycle, ETH has risen an astounding 11%.
In weeks past, we were assessing Ethereum slumping around $106-112 or thereabouts – this morning, ETH is up to very near $140!
Let’s put this in perspective – as we’ve said before, when you look at Ethereum long-term, you’re looking at lows around $80 near Christmas, and highs around $160 in the beginning of January.
Leveling out those two values, the $120 value would be the median, and that’s where Ethereum lived last week – now, today, it spikes up over 10%.
Not to be outdone, Ripple is also up 4%.
But the Ethereum growth has to be the biggest news. Ethereum is now within striking range of its three month highs, and looking like it’s making some sort of comeback, although that’s propped against the incredible $800 highs of last year.
In some senses, it’s gauche to keep reminding people of how high Bitcoin and Ethereum went; you have to look at it in the current view – and from that viewpoint, Bitcoin and Ethereum are making major moves upward.
In an article posted this morning at Cointelegraph, staffer Marie Huillet writes about the increase in major crypto values, citing CNBC commentator Brian Kelly as estimating that Bitcoin is currently “50% undervalued.”
“While holding back on optimism in regard to the approval of a Bitcoin exchange-traded fund, Kelly predicted that 2019 would be better for the crypto markets overall, conceding however that 2018 had set ‘a pretty low bar.’” Huillwet writes of a recent interview with Kelly.
Meanwhile, Yaz Sheikh at Cryptopotato looks at how ETH might have further to fly.
“If the bulls can break up $142.63, the next resistance lies at $150 followed by $152 and $160.82,” Sheikh writes.
Keep an eye out – can these coins climb higher?